Bolivar County GenWeb
Freedman's Bank Records
1865-1871
Description of Records
The Freedman's Saving and Trust Company, popularly known as the Freedman's Savings Bank, was a financial
organization created by the U.S. government to encourage and guide the economic
development of the newly-emancipated African-American communities in the
post-Civil War period. Although functioning only between 1865 and 1874, the
company achieved notable successes as a leading financial institution of
African-Americans. Its archives are valued as an exhaustive collection of
information regarding the African American community and its socio-economic
life in the immediate aftermath of emancipation.
Following the end of the American
Civil War, the poor economic condition of the newly-emancipated negroes (often
called Freedmen at the time) was aggravated by the economic devastation
of the Southern states. The emancipated peoples had few economic resources or
capital and little experience or exposure to private enterprise. Many soon fell
into sharecropping and forced labor in the South. To help alleviate the
socio-economic condition of the community, the Republican-controlled U. S.
Congress established the Freedman's Bureau and passed an act of
incorporation and a charter for the Freedman's Saving and Trust Company, which
was signed into law by President Abraham Lincoln on March 3, 1865. Originally
headquartered in New York City, the first branch of the company opened in
Baltimore, Maryland. By 1866, the bank had established 19 branches in 12
states, mainly in the South. The national headquarters was shifted to Washington,
D.C. in 1867. (Source: Wikipedia)